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Question 2 [30 points] Gulf Corp.'s balance sheet and income statement are as follows: Gulf Corp Gulf Corp Comparative Balance Sheet Information Income Statement December 31 For the Year Ended December 31, 2016 Assets 2015 2014 Sales $1,378,000 Cash $120,000 $79,000 Cost of goods sold 792,000 Accounts receivable 63,000 54,000 Gross profit 586,000 Merchandise inventory 400,000 354,000 Operating expenses: Equipment 223,000 196,000 Depreciation expense 38,000 Accumulated depreciation (107,000) (69,000) Other expenses 347,000 Total assets $699,000 $614,000 Total operating expenses 385,000 Liabilities and Equity Income from operations 201,000 Accounts payable $42,000 $61,000 Income taxes 28,000 Income taxes payable 22,000 18,000 Net income $173,000 Share capital 531,000 480,000 Retained earnings 104,000 55,000 Total liabilities and equity $699,000 $614,000 Additional information regarding Gulf Corp.'s activities during 2015: a. Equipment is purchased for $27,000 cash. b. 17,000 common shares are issued for cash at $3 per share. Prepare a statement of cash flows for 2015. Use the indirect method to report cash inflows and outflows for the operating activities soction (select one) Statement of Cash Flows (select one X X + X E a A